1. FOR IMMEDIATE RELEASE
CITIGROUP SECOND QUARTER CORE INCOME RISES 21% TO $3.0 BILLION
First Half Core Income up 35% to $6.6 Billion
Revenues up 10% to $16.4 Billion from $15.0 Billion
DILUTED EPS $0.87, UP 23% FROM $0.71
New York, NY, July 19, 2000 – Citigroup Inc. (NYSE:C) today reported core income of
$3.0 billion for the second quarter ended June 30, 2000. Core income per share, diluted,
was $0.87, a 23% increase over that reported in the 1999 second quarter. For the first
six months of 2000, Citigroup’s core income was a record $6.6 billion, or $1.91 per share
rising 36%, from the first half of 1999. The diversity and strength of Citigroup’s
businesses and continued emphasis on expense and risk management during the
second quarter delivered:
• Core earnings growth of 22% in the Global Consumer Group, 24% in the
Global Corporate and Investment Bank, and 11% for Global Investment
Management and Private Banking;
• Return on equity of 24.8%;
• Total capital (including trust preferred securities) increased to $56.5 billion at
6/30/00.
“Our outstanding results for the quarter demonstrate the impact of our market share gains
around the world, the consistent growth of our consumer businesses, the company’s discipline
in managing risk and our continued investment in our future,” said Sanford I. Weill, Chairman
and Chief Executive Officer. “We have invested substantially this quarter in acquisitions and
partnerships that meaningfully expand our global businesses. We not only completed the
acquisition of Schroders, but we made tremendous headway in the integration of that business
and the resulting organization, Schroder Salomon Smith Barney, has quickly become a leading
investment and corporate banking force throughout Europe. We further strengthened our
presence in Central Europe with the acquisition of a majority interest in Bank Handlowy, one of
Poland’s leading commercial banks, and continued to build our presence in Asia through an
alliance with the Fubon Group in Taiwan. We also acquired the remaining 15% of Travelers
Property Casualty that we did not own.
“We continue to build our capabilities on the Internet and other new media,” continued Weill.
Yesterday, we announced a wide-ranging alliance with America Online under which we will
integrate our payments and money transfer capabilities into all AOL brands and broaden
access to our products among millions of online consumers. We were also the first global
financial services firm to launch account aggregation capabilities at our new MyCiti.com site.
These are critical steps toward our goals of, over time, making available a comprehensive suite
of consumer financial services accessible at any time, through any device, and strengthening
our position as the payments engine of the Internet. We are also involved in a number of
initiatives that make it easier for our corporate customers to do business on the Web,
and are actively participating in Internet- based capital markets.”
GLOBAL CONSUMER
nd
2 Quarter Core Income: $1.28 Billion, up 22% from $1.05 Billion

2. Citigroup’s Global Consumer Group achieved record earnings for the eighth consecutive
quarter, driven by growth in global cards and continued strong sales of investment
products around the world. Citigroup’s global cards business, with 55 million accounts
and almost $92 billion in receivables across 46 countries, posted 31% income growth
and 13% receivables growth in the second quarter. Cross marketing programs also
contributed to results, with Salomon Smith Barney generating strong demand for
Travelers individual annuities and mortgage referrals to the consumer and Private Bank.
Credit trends across all of Citigroup’s global consumer businesses were stable-to-
improving in the quarter. Results for the quarter include e-Consumer, representing the
portion of Internet development investment directly related to Citigroup’s consumer
businesses.
• Banking/Lending core income rose 23% to $629 million. Higher deposit spreads
and increased sales of deposit and investment products drove 10% revenue growth
and 35% income growth at Citibanking North America. Mortgage Banking core
income rose 27% as higher servicing revenue and both internal and acquired student
loan growth offset flat mortgage originations. The North America Cards business
generated sales volume and receivables growth of 19% and 13%, respectively, while
adding 1 million new accounts. This growth, combined with a continued decline in
loss rates to 3.96% in the second quarter, offset margin compression to produce a
10% increase in core income. At CitiFinancial, receivables growth of 23% and
continued emphasis on expense discipline and credit quality led to a 50% increase in
income.
• Core income from the Insurance businesses rose 12% to $409 million. Travelers
Life and Annuity’s income increased 17% driven by 20% growth in individual annuity
volumes, higher net investment income, and lower expenses. Income growth of 11%
at Primerica Financial Services reflected 42% higher mutual fund sales and increased
net investment income partly offset by continued spending for infrastructure, including
international expansion, compliance and sales support. Travelers Property Casualty
Personal Lines income increased 4%, as incremental earnings from the minority
purchase and increased net investment income were partly offset by increased loss
trends.
• International income increased 42%. Income in Europe, Middle East and Africa rose
26% in the quarter. Excluding the net currency translation impact, income would have
risen 47%. Revenue growth in the region of 2% (14% excluding net currency
translation) was led by volume increases in lending products, including cards, and
investment product sales. Income growth of 69% in Asia Pacific reflected 27%
revenue growth, fueled by cards (including the recent acquisition of Diners Club
Japan), as well as deposits and investment product revenues, which doubled from
the prior year. Latin America income was unchanged in the quarter, although
excluding the net currency translation impact, income would have risen 9%.
Improving credit loss trends and increased earnings from Credicard, the company’s
one third owned Brazilian credit card subsidiary were offset by the reduction in
interest income related to Confia.
GLOBAL CORPORATE AND INVESTMENT BANK
nd
2 Quarter Core Income: $1.54 Billion, up 24% from $1.24 Billion
Global Corporate and Investment Bank earnings for the second quarter of 2000 rose
24% from the comparable period last year, with revenue growth of 13%. The successful
integration of the Citibank and Salomon Smith Barney platforms was underscored by the

3. business’ market share gains, as Salomon Smith Barney achieved the #1 ranking in
global debt and equity underwriting in the quarter, and was #1 in all international debt
issuance year to date. The business made substantial progress in Europe, with the
formation of Schroder Salomon Smith Barney, ranking #4 in European mergers and
acquisitions and equity underwriting year to date. In addition, Nikko Salomon Smith
Barney, the company’s Japanese joint venture, ranked #1 in equity underwriting and #1
in mergers and acquisitions for the first half of 2000. During the quarter, the Global
Corporate and Investment Bank also increased its market share in a key emerging
market through Citibank’s acquisition of 66% of Bank Handlowy, Poland’s largest
corporate bank, and strengthened its position in the U.S. leasing market through
Citibank’s purchase of Copelco, a leader in small ticket vendor leasing. The Global
Corporate and Investment Bank also won in more than 50 categories in the recent
Euromoney Awards for Excellence, including Best Bank in Asia, Best Foreign Bank in the
Eurozone and Best Corporate Bond Firm.
• Salomon Smith Barney’s core income was $641 million for the second quarter, 5%
above the second quarter of 1999. Revenues increased 13% from the second
quarter of 1999, with higher commissions and investment banking revenues and a
record level of revenue from the portion of asset management revenue retained in the
segment. Principal transactions revenue fell 9% from the prior year period, and was
down $224 million from the first quarter of 2000, primarily as a result of less robust
conditions in fixed income markets. The Private Client business continued to perform
well, generating 18% growth in income, and with the value of client assets rising 21%
to $1.032 trillion, with assets under fee-based management increasing 36%. More
than 1.4 million accounts, or 20% of total accounts, now use Access, Salomon Smith
Barney’s web site and on-line trading product. Expenses increased 19% over
the1999 quarter due to increased compensation expense and the Schroders
acquisition. Income also reflected the company’s 20.7% ownership in Nikko
Securities.
• The Global Corporate Bank reported core income of $629 million, up 45% from the
1999 second quarter. Excluding the Bank Handlowy and Copelco acquisitions,
double-digit growth in Transaction Services and improved trading-related revenues
combined to produce a 17% improvement in revenues. On the same basis,
expenses rose 3% as investment spending in the emerging markets and higher
incentive compensation were offset by lower Year 2000 expenses, the impact of
previous restructuring actions, and ongoing expense initiatives. Net write-offs rose
$20 million to $131 million, reflecting higher write-offs in North America and Latin
America.
• Continued pricing improvements in the middle market segment, higher net investment
income, and the purchase of the minority interest led to a 33% increase in core
income for Travelers Property Casualty Commercial Lines. Higher net written
premiums reflected stronger pricing and the impact of the Reliance Surety acquisition
which closed in the second quarter.
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
nd
2 Quarter Core Income: $172 Million, up 11% from $155 Million
During the quarter, Citigroup’s Global Investment Management and Private Banking
Group continued to make substantial progress in expanding its distribution of its products
through proprietary and third party channels globally. The Group also enhanced its
position in the growing retirement services market, with the purchase of additional

4. interest in Siembra in Argentina in the second quarter, and by launching the CitiStreet
joint venture. Revenues for the quarter increased 24%.
• Asset Management income rose 11% to $93 million in the quarter. Revenues
increased 34%, as the impact of increased ownership in Siembra and Garante and
growth in its core business more than offset higher expenses related to continued
investment in the global sales and marketing and research platform. Assets under
management rose 8% over the prior year period, to $389 billion.
Sales of the Group’s long-term mutual funds and managed account products through
the Salomon Smith Barney retail channel rose 13% to $4.8 billion, representing 38%
of all such products distributed through the retail channel. Primerica sold $469 million
of the Group’s U.S. money and mutual funds in the quarter, equal to 46% of all
Primerica’s sales. The Group also sold $3.5 billion in mutual and money funds
through Citibank’s global consumer channels, raising $506 million in Europe and
$322 million in Japan. In the U.S., successful mutual fund launches included the
Premier Selections funds, which added $755 million in sales during the quarter.
Institutional client assets rose 6% to $153 billion, including $6 billion in assets raised
from Global Corporate and Investment Bank customers in the second quarter.
• Core income for the Private Bank rose 11% to $79 million. Client business volumes,
which include loans, deposits and client assets under fee-based management and
custody accounts, rose 19% to $149 billion. Revenue growth of 12% was driven by
increased volumes in discretionary investment management as well as in banking
and lending products. Expenses grew 13%, as the Private Bank continued to invest in
its sales processes, adding 85 bankers and product specialists year to date.
CORPORATE/OTHER, E-CITI, AND INVESTMENT ACTIVITIES
The increased loss from Corporate/Other in the quarter primarily reflected higher
funding costs. Net investment in e-Citi, the remainder of internet-related development
activities not allocated to the individual businesses, rose $6 million to $17 million. Income
from Investment Activities was $234 million in the quarter, up 44% over the prior year
although down substantially from the first quarter.
Citigroup (NYSE: C), the most global financial services company, provides some 100 million consumers, corporations,
governments and institutions in over 100 countries with a broad range of financial products and services, including
consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management
The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon
Smith Barney, CitiFinancial and Primerica under Citigroup’s trademark red umbrella. Additional information may be found
at www.citigroup.com
A financial summary follows. Additional financial, statistical and business-related information, as well as business and
segment trends, is included in a Financial Supplement. Both the earnings release and the Financial Supplement are
available on Citigroup’s web site (http://www.citigroup.com). This document can also be obtained by calling 1-800-853-
1754 within the United States or 732-935-2771 outside the United States.
Contacts:
Press: Leah Johnson (212) 559-9446 Dick Howe (212) 559-9425
Investors: Sheri Ptashek (212) 559-4658

5. % %
Citigroup Segment Income Second Quarter Six Months
1999 Change 1999 Change
(In Millions of Dollars) 2000 2000
Global Consumer
Citibanking North America....................................................... $ 102 35 $ 173 59
$ 138 $ 275
Mortgage Banking..................................................................... 52 27 111 14
66 127
North America Cards ................................................................ 279 10 557 8
308 604
CitiFinancial.............................................................................. 78 50 149 54
117 229
Banking/Lending .......................................................................... 511 23 990 25
629 1,235
Travelers Life and Annuity ....................................................... 173 17 320 22
202 389
Primerica Financial Services..................................................... 113 11 223 9
125 244
Personal Lines........................................................................... 79 4 162 (3)
82 157
Insurance ...................................................................................... 365 12 705 12
409 790
Europe, Middle East, and Africa............................................... 73 26 141 38
92 194
Asia Pacific ............................................................................... 108 69 210 70
183 357
Latin America ........................................................................... 41 - 88 26
41 111
Total International ........................................................................ 222 42 439 51
316 662
e-Consumer (A) ............................................................................ (28) (64) (51) (125)
(46) (115)
Other Consumer ........................................................................... (23) (22) (39) (44)
(28) (56)
1,047 22 2,044 23
Total Global Consumer ............................................................. 1,280 2,516
Global Corporate and Investment Bank
Salomon Smith Barney ................................................................. 610 5 1,258 27
641 1,598
Emerging Markets..................................................................... 286 29 601 27
370 762
Global Relationship Banking .................................................... 147 76 334 49
259 499
Total Global Corporate Bank ....................................................... 433 45 935 35
629 1,261
Commercial Lines Insurance ........................................................ 201 33 390 30
267 507
1,244 24 2,583 30
Total Global Corporate and Investment Bank........................ 1,537 3,366
Global Investment Management and Private Banking
SSB Citi Asset Management Group ............................................. 84 11 165 12
93 185
Global Private Bank...................................................................... 71 11 126 27
79 160
155 11 291 19
Total Global Investment Management and Private Banking 172 345
Corporate/Other............................................................................ (120) (66) (261) (74)
(199) (455)
e-Citi (A)....................................................................................... (11) (55) (16) (94)
(17) (31)
(131) (65) (277) (75)
Total Corporate/Other............................................................... (216) (486)
162 44 251 246
Investment Activities.................................................................. 234 868
2,477 21 4,892 35
Core Income................................................................................ 3,007 6,609
Restructuring-Related Items -- After Tax (B) ............................ (29) 93 45 NM
(2) (14)
Cumulative Effect of Accounting Changes (C)............................ - - (127) NM
- -
$2,448 23 $4,810 37
Net Income .................................................................................. $3,005 $6,595
Diluted Earnings Per Share:
$0.71 23 $1.40 36
Core Income................................................................................ $0.87 $1.91
0.70 24 1.38 38
Net Income .................................................................................. 0.87 1.90
Supplemental Information:
Worldwide Cards.......................................................................... $328 31 $663 23
$429 $813
(A) Previously shown as a part of e-Citi and presented in the Global Consumer segment.
(B) The restructuring-related items in 2000 included a credit for the reversal of prior charges of $31 million, $19 million of accelerated depreciation,
and $14 million of charges in the second quarter and $12 million of accelerated depreciation in the first quarter. The 1999 second quarter
included $29 million of accelerated depreciation and the 1999 first quarter included a credit for reversal of prior charges of $125 million and $51
million of accelerated depreciation.
(C) Refers to adoption of Statement of Position “SOP” 97-3, “Accounting by Insurance and Other Enterprises for Insurance-Related Assessments”
of ($135) million; adoption of SOP 98-7, “Deposit Accounting: Accounting for Insurance and Reinsurance Contracts That Do Not Transfer
Insurance Risk” of $23 million; and the adoption of SOP 98-5, “Reporting on the Costs of Start-Up Activities” of ($15) million.
NM Not meaningful.
5

6. % %
Supplemental GCIB Disclosure Second Quarter Six Months
1999 Change 1999 Change
(In Millions of Dollars) 2000 2000
Global Corporate and Investment Bank
Global Corporate Finance ......................................................... 755 12 1,581 20
842 1,904
Transaction Services ................................................................. 40 225 79 182
130 223
Private Client ............................................................................ 225 18 436 47
265 641
Commercial Lines Insurance .................................................... 201 33 390 30
267 507
Other ......................................................................................... 23 43 97 (6)
33 91
1,244 24 2,583 30
Total Global Corporate and Investment Bank........................ 1,537 3,366
Five quarters of history are available on page 29 of the Quarterly Financial Data Supplement.
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